Trump Media Group's major shareholder has sold almost all of its shares in the company

Major shareholder ARC Global Investments has sold almost all of its stake in the media company, according to a regulatory filing by Trump Media Technology Group revealed by CNBC. ARC and its manager Patrick Orlando currently hold about 0.01 percent of the shares, down from more than 5 percent or more than 11 million shares in September. Orlando, who served as CEO of blank check company Digital World Acquisition, which helped Trump Media go public, was ousted before the deal closed this year. In September, a Delaware judge ruled that Trump Media violated an agreement with Orlando ARC Global that the fund must acquire more than 500,000 additional shares before the insider sale lock-up period expires. Trump owns nearly 115 million shares and owns nearly 53% of Trump Media, the truth social media platform.